Development

Intracorp Homes Acquires 3.8-Acre Mixed-Use Redevelopment Site in Torrance, California for $21M

by Jeff Shaw June 28, 2023

TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.

June 28, 2023

California Development Multifamily Seniors Housing Western

Harbert South Bay Partners Breaks Ground on 87-Unit The Seville Seniors Housing Community in San Clemente, California

by Jeff Shaw June 28, 2023

SAN CLEMENTE, CALIF. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.

June 28, 2023

Development Massachusetts Mixed-Use Northeast

Stonegate Group Breaks Ground on 89,500 SF Mixed-Use Redevelopment in Natick, Massachusetts

by Taylor Williams June 28, 2023

NATICK, MASS. — Locally based developer Stonegate Group has broken ground on Stonegate St. Patrick, an 89,500-square-foot, mixed-use redevelopment in Natick, a western suburb of Boston. Designed by Finegold Alexander Architects, the project will convert the site of a former school into a property with 46 apartments, four townhomes and 14,000 square feet of retail space. Apartments will come in one-, two- and three-bedroom formats, and 14 apartments will be reserved as affordable housing. Townhomes will feature three- and four-bedroom layouts. Nauset Construction is the general contractor for the project, a tentative completion date for which was not disclosed.

June 28, 2023

Acquisitions Development Life Sciences Massachusetts Northeast Top Stories

Alexandria Sells 268,000 SF Portion of Life Sciences Development to Boston Children’s Hospital

by Kristin Harlow June 28, 2023

BOSTON — Alexandria Real Estate Equities Inc. (NYSE: ARE) has sold 268,000 rentable square feet within 421 Park Drive, a 660,034-square-foot life sciences development to be built in Boston. An affiliate of Boston Children’s Hospital was the buyer. Upon completion, 421 Park Drive will be part of the larger Alexandria Center for Life Science-Fenway mega campus, which will total more than 2 million square feet at full build-out. The campus, developed in partnership with Samuels & Associates, boasts numerous amenities, proximity to both Cambridge and the Longwood Medical Area, and convenient transportation access. Alexandria will develop and operate 421 Park Drive, which will feature open space, direct connections to the Massachusetts Bay Transportation Authority (MBTA) Fenway station, bicycle and pedestrian paths, and retail space on the ground floor. The price of the portion sold to Boston Children’s Hospital is approximately $155 million, along with development fees to be earned by Alexandria over the next three years. Boston Children’s Hospital will continue to fund its pro rata share of the costs to develop 421 Park Drive. Vertical construction is scheduled to begin later this year and to be substantially completed in 2026. The transaction with Boston Children’s Hospital results in 48.5 …

June 28, 2023

Company News Data Centers Development Midwest Ohio Top Stories

Amazon Web Services to Invest $7.8B for Data Center Expansion in Central Ohio

by John Nelson June 27, 2023

SEATTLE — Amazon Web Services (AWS), a division of Amazon (NASDAQ: AMZN) that offers on-demand cloud computing platforms to individuals, companies and governments, plans to make a big investment in Central Ohio. The company, along with Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted, announced the firm will invest approximately $7.8 billion to expand its data center operations in the region by the end of 2029. AWS is currently undertaking a site selection process across numerous localities in Central Ohio for the new data center campuses, the total number of facilities of which was not disclosed. Final site selections will be decided and announced at a later date. The move is expected to create 230 new jobs and an estimated 1,000 support jobs, according to J.P. Nauseef, president and CEO of JobsOhio, an economic development corporation based in Columbus. The AWS data center project represents the second-largest single private sector company investment in Ohio’s history, according to the governor’s office. The new data centers will contain computer servers, data storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing. “Amazon is already one of the largest private-sector employers in Ohio, and the company’s continued growth …

June 27, 2023

Development Florida Multifamily Southeast

MG Developer, Baron Property Group to Develop $600M Residential Campus in Metro Miami

by John Nelson June 27, 2023

HIALEAH, FLA. — Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be split between three communities — Metro Parc, Metro Parc North and Metro Parc South — that will be situated within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 559-unit, 10-story building that broke ground in 2022. The 620-unit Metro Parc North will rise next to Metro Parc at 983 E. 26th St. and is expected to be completed in 2026. The new 347-unit Metro Parc South building will be located at 954 and 934 E. 25th St. and is slated for completion in 2027.

June 27, 2023

Development Industrial Southeast Virginia

Davis Cos., Lingerfelt to Build 325,500 SF Industrial Project Near Richmond

by John Nelson June 27, 2023

RUTHER GLEN, VA. — The Davis Cos. and Lingerfelt have formed a joint venture to develop Carmel Church Business Center, a 325,500-square-foot industrial park situated 25 miles north of Richmond in Ruther Glen. The rear-load warehouse park will be located off the I-95 corridor and near the Port of Virginia. ARCO Design/Build Richmond, a division of ARCO DB Cos., the construction partner on the project, will break ground immediately. The joint venture expects to deliver Carmel Church in second-quarter 2024.

June 27, 2023

Civic Development Texas

Texas A&M Breaks Ground on $150M Academic Building at New Fort Worth Campus

by Taylor Williams June 27, 2023

FORT WORTH, TEXAS — Texas A&M University has broken ground on a $150 million academic building in Fort Worth that marks the beginning of development of a larger, four-block campus. The first building will rise eight stories and house the Texas A&M School of Law as well as other academic divisions. The university is collaborating with the City of Fort Worth and Tarrant County on the project, which will feature two additional buildings. The first will be known as The Research & Innovation Building. The second, The Gateway Building, will house offices, more classroom and meeting spaces and a conference center. The law building is slated for a 2025 delivery, with full completion of the first three buildings targeted for 2027.

June 27, 2023

Development Office Texas

Mark Odom Studio to Open 10,000 SF Creative Office in Austin

by Taylor Williams June 27, 2023

AUSTIN, TEXAS — Architecture firm Mark Odom Studio will open a 10,000-square-foot creative office at 4000 Medical Parkway in Austin. The existing structure on the site was built in 1970, and Mark Odom Studio is renovating the building with plans to occupy about half the space and lease the other 5,000 square feet. Citadel Development is the general contractor for the project. A group of local partners doing business as 4000MP Austin LLC owns the property. Completion of the renovation is slated for November.

June 27, 2023

Development Illinois Midwest Multifamily

Holladay Properties Breaks Ground on $35M Luxury Apartment Community in Glen Ellyn, Illinois

by Kristin Harlow June 27, 2023

GLEN ELLYN, ILL. — Holladay Properties has broken ground on Glenwood Station, a $35 million luxury apartment community in the western Chicago suburb of Glen Ellyn. The development will include 86 units in a variety of studio, one-bedroom and two-bedroom layouts. Amenities will include a clubhouse, fitness center, electric vehicle charging stations and secure heated parking. There will also be 1,500 square feet of retail space. Completion is slated for 2025. Glenwood Station marks the fourth luxury apartment complex in Chicagoland for Holladay Properties. Holladay Construction Group is the general contractor, and Tandem Architecture designed the project. Wintrust Bank & Trust provided financing.

June 27, 2023

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